Saratoga Investment Corp (NYSE:SAR) Raises Dividend to $0.56 Per Share

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Saratoga Investment Corp (NYSE:SAR) announced a quarterly dividend on Tuesday, August 27th, NASDAQ reports. Investors of record on Friday, September 13th will be paid a dividend of 0.56 per share by the financial services provider on Thursday, September 26th. This represents a $2.24 dividend on an annualized basis and a yield of 9.09%. The ex-dividend date of this dividend is Thursday, September 12th. This is a positive change from Saratoga Investment’s previous quarterly dividend of $0.55.

Saratoga Investment has raised its dividend by an average of 9.0% annually over the last three years and has increased its dividend every year for the last 3 years. Saratoga Investment has a payout ratio of 96.5% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Saratoga Investment to earn $2.51 per share next year, which means the company should continue to be able to cover its $2.20 annual dividend with an expected future payout ratio of 87.6%.

NYSE SAR traded up $0.06 during trading hours on Wednesday, reaching $24.65. The stock had a trading volume of 12,616 shares, compared to its average volume of 73,086. The stock has a fifty day moving average of $24.68 and a 200 day moving average of $24.09. The stock has a market cap of $212.51 million, a P/E ratio of 9.37 and a beta of 0.64. Saratoga Investment has a 52-week low of $18.60 and a 52-week high of $25.78.

Saratoga Investment (NYSE:SAR) last issued its earnings results on Wednesday, July 10th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. The firm had revenue of $12.75 million for the quarter, compared to analyst estimates of $12.21 million. Saratoga Investment had a return on equity of 10.75% and a net margin of 44.66%. On average, equities analysts forecast that Saratoga Investment will post 2.37 earnings per share for the current fiscal year.

A number of equities research analysts recently commented on the company. LADENBURG THALM/SH SH lowered Saratoga Investment from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a research report on Friday, May 10th. They noted that the move was a valuation call. B. Riley set a $26.00 target price on Saratoga Investment and gave the company a “buy” rating in a research report on Wednesday, August 21st. Maxim Group reissued a “buy” rating and issued a $27.00 price target on shares of Saratoga Investment in a report on Friday, July 12th. National Securities reissued a “neutral” rating and issued a $24.00 price target on shares of Saratoga Investment in a report on Friday, May 17th. Finally, Zacks Investment Research downgraded Saratoga Investment from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 30th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $25.80.

Saratoga Investment Company Profile

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.

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Dividend History for Saratoga Investment (NYSE:SAR)

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